This pretty much sums up where we are, where we have come from and maybe, where we are going. To simplify, these charts suggest that another 50% or more down is ahead for the markets, which is pretty much in line with the EW forecast from my weekly charts.
As for current market sentiment, Blodget observes that, "Market punditry is a lagging indicator, not a leading one. Pundits are excellent at describing what has happened, not what is going to happen."
"Pundits" would include both Blodget and yours truly. But even a blind squirrel driving a Hummer is headed in one direction or another, whether realizing it or not. Knowing what could happen is second only to knowing what will happen.
A
5 comments:
Allan: Off subject - If you haven't run the link provided by Teedlum off the I-Hub board, it's very cool and a must see video! http://vimeo.com/moogaloop.swf?clip_id=>)
Allan,
I heard Neowave said S&P might get to 1000 before it corrects, is that true ???
So is the market going down or what?
Allan,
Thanks for the link. At the bottom of the Henry's article he also points that this could be a start of a bull market.. Thoughts?
Thanks
Inq
Re: Neely and Blodget
Glenn Neely has an inexpensive 2-week trial, $39. I would it would not be fair for me to comment on his current analysis, not to Glenn, nor to NEoWave subscribers. Everything I post directly from Glenn is with his express permission. When the big move comes, I'll ask Glenn then.
Blodget's a great writer and analyst, but I have no idea about his forecasting skills. I like mine,
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